Businesses back climate disclosure move

Barclays, HSBC and Unilever are among 100 companies that have thrown their weight behind recommendations made by the Task Force on Climate-related Financial Disclosures (TCFD).

The task force has spent 18 months consulting with the public before publishing its final recommendations.

They include reporting on strategic planning and risk management, including transition risks and physical risks, alongside opportunities such as resource efficiency and energy use.

The recommendations also include steps to analyse the financial impact on a company’s income statement, cash flow statement and balance sheet.

‘Risks and opportunities’

Michael Bloomberg, the Chair of the TCFD. said: “Climate change presents global markets with risks and opportunities that cannot be ignored, which is why a framework around climate-related disclosures is so important.

“The task force brings that framework to the table, helping investors evaluate the potential risks and rewards of a transition to a lower-carbon economy.

“We’re pleased to see so many businesses and investors around the world support the recommendations of the TCFD and hope others will be encouraged to join our initiative.”